Global oil prices rise on Monday due to Chinese demand

Global oil prices showed a slight increase on Monday with International benchmark Brent crude price rising by 0.51 percent to $49.16 while U.S. WTI increased by 0.49 percent to $46.77 at 07.50 GMT on Monday.

On Friday, international benchmark Brent crude showed an increase of 0.81 percent to $48.81 per barrel.

Analysts said that the increase in oil prices is the result of strong demand from China.

The number of oil rigs in the U.S. increased by two last week, according to the oilfield services company Baker Hughes data on Friday.

American oil industry brought two oil rigs online during July 10-14 period, which increased the total number of rigs in the country to 765, according to the U.S. Energy Information Administration (EIA).